Anyone heard what the package for PDC employees will be? Also will they offer it to legacy employees?
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The packages are openly presented to those potentially affected, just as they were in 2015 and 2020. It shouldn't be too hard to find one of them to get the information. No, they're not going to announce this at an open Town Hall, because it's not info you need to do your daily job. On this one I'll side with the company.
Do we have to rely on water cooler talk to know what the PDC packages are? Won’t Chevron communicate what the offers are by career ladder/PSG? Next town hall we want to see the packages!
The real package is getting 1-2 psg discount compared to chevron peers.
@2nbj, you omitted a fifth point (for those who don’t get points 1-4):
- PDC Long COC
Just bend over to receive it.
The major points of the PDC COC:
- One year salary
- 100% vesting of RSU (was a 3 year vesting schedule)
- One year medical/dental
- Some get a retention bonus
The severance depends on your contract. You should read it. For some Texaco people it was total remuneration times years of service. That was huge because bonus and benefits could almost double your salary. More recent folks have seen just straight salary times years of service.
This is the way
The layoffs will continue until moral improves. Severance will be as little as possible according to what the lawyers say. You will be given an NDA to sign giving away all rights to sue later . If you don't sign then you forfeit the money.
Just salary
Curious - when people talk about # weeks per # years service - is only the base salary used, or is it base + pro-rata average bonus + anything else (401K, etc.).
So you’re saying they will actually mail the $50 R&As out now?!?
Don’t expect anymore “nice and juicy” packages. I’m willing to bet any future Chevron severances will be much less than we’ve seen in the past.
Make it nice and juicy so they leave. We don't want any new-fangled ideas coming into the company.
@aqx, That's OK, but they gave us 10 weeks per year and vesting. Still pretty good, though.
Take it and run! run! run!
Six weeks per year of service and instant vesting of all stock. Not bad.